Importation: CBN discontinues price verification system for ‘Form M’

The Central Bank of Nigeria (CBN) has announced the discontinuation of its Price Verification System (PVS) Portal, effective July 1, 2024.

This decision follows recent developments in the Nigerian Foreign Exchange Market, as stated in a circular issued by W.J. Kanya, the Acting Director of the Trade & Exchange Department, on Wednesday.

The PVS Portal, introduced by the CBN to ensure accurate verification of goods and services prices in foreign exchange transactions, was aimed at preventing over-invoicing and under-invoicing, thus promoting fair pricing in Nigeria’s import and export activities.

The portal’s purpose was detailed in a previous circular dated August 17, 2023, titled “Go-Live of the Central Bank of Nigeria Price Verification System Portal.”

With the new directive, all applications for Form ‘M’ will now be validated without the need for a Price Verification Report generated from the PVS Portal.

The circular further specified that the Price Verification Report is no longer required for completing a Form ‘M’.

This policy change is intended to streamline processes for authorised dealer banks and the general public, potentially easing the procedural burden associated with foreign exchange transactions.

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